- Support at $0.0650, coupled with strong oversold conditions for Dogecoin price, could trigger a move north.
- The two-way Dogecoin-Ethereum bridge could be released before the end of 2022 and should be a bullish factor.
- The recovery at $0.1000 will largely depend on the winner of an expected fight around $0.0689.
Dogecoin price is at the end of the latest pullback from $0.0917. The largest meme coin is pivoting at $0.0686 at the time of writing, but it is expected to close the distance to $0.1000 with its next move. The anticipation of a Dogecoin-Ethereum bridge release can prove to be a bullish catalyst.
Key Levels to Watch as Dogecoin Price Rebounds
Cryptocurrencies across the board saw relief bounces following last week’s pullbacks. Dogecoin price is among the few cryptocurrency assets that have delayed their knee-jerk recoveries, but in-depth price analysis reveals an impending upside.
The daily chart paints a bullish picture as the Super Trend indicator recently issued a buy signal. This indicator overlays the chart as a moving average, but incorporates the Average True Range (ATR) into its calculations to gauge market volatility at any given time. If investors heed the buy call shown on the chart, the price of Dogecoin will leave for the target at $0.1000.
DOGE/USD daily chart
The odds will continue to lean towards the bullish side of DOGE as long as the Super Trend indicator follows the price. The Stochastic Oscillator exposes oversold conditions in Dogecoin price, which could reinforce the expected jump to $0.1000.
Dogecoin-Ethereum bridge could go live in 2022
The highly anticipated Dogecoin-Ethereum bridge will go live before the end of 2022 and it is likely to be a positive factor influencing the DOGE price. Blue Pepper, the entity responsible for building the bridge, recently released details of the project.
Users can transfer DOGE to the Ethereum blockchain using the two-way bridge (and vice versa). Smart contracts, decentralized financial protocols, and non-fungible token exchanges will all use the same coin.
The founding members of the Decentralized Autonomous Organization (DAO) – in charge of the protocol will be the Dogecoin Foundation, Blue Pepper, MyDoge and BitGo.
The Dogecoin ecosystem will benefit massively from the two-way bridge, starting with the ease of transferring data and assets. Demand for the meme coin may increase significantly amid increased exposure to the Ethereum ecosystem and positively impact the price.
During this time, traders should exercise caution, keeping the bear market in mind. Investors can book early profits at $0.8000, with optimists expecting up to $0.1000.
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Dogecoin Price on Threshold, Ready to Face Sellers at $0.1000 | Cryptocurrency
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